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ECB Policy and Eurozone Fragility: Was De Grauwe Right?

Ana-Maria Fuertes (), Elena Kalotychou and Orkun Saka

CEPS Papers from Centre for European Policy Studies

Abstract: The authors test Paul De Grauwe’s eurozone fragility hypothesis using a time window around the announcement of the Outright Monetary Transactions (OMT) programme. The findings reveal significant contagion from Spain to other eurozone countries, but solely during the pre-announcement period. The authors conclude that in this case the OMT programme has succeeded in mitigating the self-fulfilling dynamics within the eurozone.

New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2014-06
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Journal Article: ECB policy and Eurozone fragility: Was De Grauwe right? (2015) Downloads
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